Value investor Bill Nygren was on CNBC to discuss the financial sector, long-term potential of banks, valuation and the risk of low interest on banks' net interest margins.

-- Thinks banks' long-term potential outweighs the pressure on banks' net interest margins.
-- Much competition for banks has gone away, and that has given the opportunity to increase margins.
-- Banks are not the best of the, lot but valuations make them attractive.
-- Owns JPMorgan (JPM) and Wells Fargo (WFC).
-- Buying AIG (AIG), which is undervalued, unloved.
-- Industrials are also attractive. He likes TE Connectivity (TEL).
-- Thinks overall market is undervalued, relative to other options of returns.

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